PNC Financial Services Group Inc. Acquires 10,967 Shares of Global-E Online Ltd. (NASDAQ:GLBE)

PNC Financial Services Group Inc. raised its stake in shares of Global-E Online Ltd. (NASDAQ:GLBE) by 75.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 25,448 shares of the company’s stock after purchasing an additional 10,967 shares during the period. PNC Financial Services Group Inc.’s holdings in Global-E Online were worth $1,009,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GLBE. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in Global-E Online during the third quarter worth $572,000. Deutsche Bank AG acquired a new stake in Global-E Online during the third quarter worth approximately $1,964,000. DekaBank Deutsche Girozentrale bought a new stake in Global-E Online in the third quarter worth approximately $126,000. Envestnet Portfolio Solutions Inc. acquired a new position in Global-E Online in the third quarter valued at approximately $367,000. Finally, Envestnet Asset Management Inc. grew its position in shares of Global-E Online by 28.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 84,996 shares of the company’s stock worth $3,378,000 after buying an additional 18,834 shares during the period. 94.60% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Bank of America increased their target price on shares of Global-E Online from $46.00 to $47.00 and gave the stock a “buy” rating in a research note on Tuesday, May 21st. JMP Securities reaffirmed a “market outperform” rating and issued a $46.00 target price on shares of Global-E Online in a research report on Tuesday, May 28th. Needham & Company LLC reiterated a “buy” rating and issued a $48.00 price target on shares of Global-E Online in a report on Tuesday, May 21st. Wells Fargo & Company reaffirmed an “overweight” rating and set a $40.00 target price on shares of Global-E Online in a research report on Monday, April 1st. Finally, Benchmark reissued a “buy” rating and issued a $41.00 price target on shares of Global-E Online in a research report on Tuesday, May 21st. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $43.83.

Global-E Online Trading Up 0.3 %

Shares of NASDAQ GLBE opened at $31.21 on Monday. The stock has a fifty day simple moving average of $31.40 and a two-hundred day simple moving average of $35.17. Global-E Online Ltd. has a 1-year low of $27.30 and a 1-year high of $45.72. The firm has a market cap of $5.13 billion, a price-to-earnings ratio of -42.18 and a beta of 1.07.

Global-E Online (NASDAQ:GLBE) last posted its quarterly earnings results on Monday, May 20th. The company reported ($0.19) earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.04. Global-E Online had a negative return on equity of 18.05% and a negative net margin of 20.52%. The company had revenue of $145.90 million during the quarter, compared to the consensus estimate of $141.55 million. During the same quarter in the prior year, the company earned ($0.26) EPS. The firm’s quarterly revenue was up 24.1% compared to the same quarter last year. Analysts forecast that Global-E Online Ltd. will post -0.52 EPS for the current year.

Global-E Online Profile

Global-E Online Ltd., together with its subsidiaries, provides a platform to enable and accelerate direct-to-consumer cross-border e-commerce in Israel, the United Kingdom, the United States, and internationally. Its platform enables international shoppers to buy online and merchants to sell from, and to, worldwide.